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Drivers Are Hanging Onto Their Cars Longer

2006 Honda Accord Coupe image

American drivers aren’t as eager to get rid of their aging cars according to a new study. These days, drivers are holding on to their cars for an average of six years — longer than ever before.

The results of the study, conducted by research firm Polk, reflects the growing reliability of new cars. Data also reflect consumers’ disinterest in making another purchase amid the recent economic uncertainty.

While this may signal fewer sales for automakers, some analyst suggest it could pose an opportunity as well.

“Traditionally most older vehicle repairs go to the independent aftermarket but this is an opportunity for manufacturers to get in on that as well,”  said Mark Seng, global aftermarket practice leader at Polk.

Results of the study put pressure on dealers more so than OEMs. Dealers that want to grow their business will need to invest in parts and service operations to nurture more business. It’s also going to become increasingly important for dealers to learn ways to build loyalty with existing customers.

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